Brinker sets growth targets through fiscal 2029

On today's investor day held at Brinker International's Dallas headquarters, the company announced its financial targets through fiscal 2029. Chili's Grill & Bar and Maggiano's Little Italy operator Brinker aims for annual revenue growth of 4% to 6% over the next several years. To support this growth, the firm plans to expand its restaurant footprint by 2% to 3% per unit, aiming for 30 new restaurants annually by fiscal 2029.

Additionally, Brinker seeks to achieve double-digit annual percentage growth in net income per diluted share, excluding special items. The company intends to pursue share repurchases of 3% to 5% annually, contingent upon board approval of further authorizations under its existing repurchase program. Kevin Hochman, Brinker's President and Chief Executive Officer, highlighted the company's efforts to enhance Chili's into a stronger business, emphasizing improvements in guest experience, team member satisfaction, and shareholder returns.

Hochman also mentioned the company's commitment to continued investment in food, value, hospitality, and guest experiences, along with remodeling existing locations and building new Chili's restaurants. The company's executive team outlined its growth strategy and long-term financial targets during the event, which was broadcast online for those unable to attend in person.

Brinker currently operates or franchises over 1,600 restaurants across 29 countries and two U.S. territories. However, the company disclosed its inability to provide a reconciliation of non-GAAP measures to GAAP measures, stating that forecasting special items would be unreasonable due to the effort required.